What balance can you transfer?

halesowenmum

This may be a daft question but hey ho.

I have a personal loan with Halifax and I'm making no headway paying it off even repaying at a rate of £75 a month. I'm not making a dent in it.

I'd like to be able to get shot of it asap and will be making some bigger chunk payments but I also wondered, is it possible to transfer a balance from a personal loan onto a 0% balance transfer credit card? Or can you only transfer a balance from another credit card to the 0% card?

Or would the transfer fee wipe out any advantage?

TadleyBaggie

Some card providers (e.g. MBNA) allow a "Super" balance transfer, which allows you to transfer the funds to a current account. This in turn could be used to pay of the loan.

Have you considered overpaying the loan?

CLAPTON

how much do you owe
what is the APR
how many payments are there left to make
what other debts do you have
what is your income

halesowenmum

Thanks for your reply Clapton.

How many payments have I got left - I have no idea, sorry. It's a loan that was taken out end May 2012 for £2,500 and since then on the £75 a month payments that I've made religiously since then, the balance by Jan 2014 has only come down to £2,052.

I don't know what the APR is I'm afraid.

I only have a credit card with about £1,000 on it (well, apart from me mortgage of course!) and an Argos card with about £170 on it.

Income - not really wanting to disclose that info on here but thanks to not being a temp for the first time in ages, it's a bit better than it has been recently so there is definitely the possibility to do a bit of overpaying.

HOWEVER, making overpayments is all well and good but if there's a month where I can't make an overpayment (which there is going to be), I'll still be sitting there paying their horrendous interest rate (hence asking could I transfer this loan to a 0% card which would buffer those months where I can't make an overpayment).

If I do make an overpayment (say it was nearly half the outstanding balance), would the minimum monthly repayment be adjusted down or could I continue with the £75 a month paying off a smaller balance???

forgotmyname

Save up and pay the balance off when you have the funds?

Assuming you borrowed £2500 over 60 months your going to pay back close to £4500. Almost £2000 in interest at 29%

Save hard. Go without for a while and get rid of the loan completely.

halesowenmum

forgotmyname wrote: »

Save up and pay the balance off when you have the funds?

Assuming you borrowed £2500 over 60 months your going to pay back close to £4500. Almost £2000 in interest at 29%

Save hard. Go without for a while and get rid of the loan completely.

I've been doing nothing but going without!!!! Partly because of the £75 a month that's going out of my account every month!

I really do want to make overpayments but as a single parent it's very difficult to cover every single outgoing (even the basics) then still have spare to overpay this here loan.

But I do really want to do that if I possibly can believe me.